Sensex tanks 293 points on weak Asian cues; Nifty below 10400-mark

Benchmark equity indices recouped all the losses, with the Nifty reclaiming 10,500 mark backed by HDFC twins and ITC. Inflation based on wholesale prices eased marginally to 2.47 per cent in March on cheaper food articles, especially pulses and vegetables. The S&P BSE Mid-Cap index rose 81.19 points or 0.49 per cent to settle at 16,677.76.

UCO Bank plunged 6.3 percent after the CBI booked its former chairman in connection with an alleged Rs 621-crore loan fraud.

Wholesale inflation was 2.48 per cent in February and 5.11 per cent in March a year ago.

On Friday, both the indices ended in the green due to healthy macro-economic data, along with robust buying in metals, IT and healthcare stocks.

In the broader market, the BSE Midcap was little changed, while the BSE Smallcap gained 0.4 per cent. Market breadth, indicating the overall health of the market, turned negative.

On the other hand, Tata Motors (4.96%), Infosys (3.10%), State Bank Of India (0.76%), Oil & Natural Gas Corporation (0.55%), Tata Steel (0.49%) and ICICI Bank (0.28%) were the major losers in the Sensex.

The rupee fell 20 paise to 65.40 against the U.S. dollar in early trade on global trade war concerns, dip in India's exports in March and a sharp drop in domestic equities. The historical evidence suggests geopolitical risk as an excellent opportunity "to buy the fear" as near term weakness see long term gains.

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